Mr. Samuel Pelaez reports

OLIVE RESOURCE CAPITAL ANNOUNCES JULY 31, 2023 NAV OF C$0.076 PER SHARE

Olive Resource Capital Inc. has provided investors an updated, unaudited net asset value (NAV) per share. Management has estimated the NAV of the company at 7.6 cents per share for July 31, 2023. At the end of July, the company's price per share was three cents.

Samuel Pelaez, the company's president, chief executive officer, chief information officer and director, stated: "Major commodities and resource sectors rebounded in July. Major central banks around the world continue to pursue tighter monetary policy, with the notable exception of China, whose central bank injected liquidity into capital markets. In the U.S., a strong rebound in treasury issuance followed the resolution of the debt ceiling. This policy has led to an increase in liquidity, a weakening of the U.S. dollar and an increase in risk appetite globally."

Derek Macpherson, executive chairman, stated: "Strong performance by Hudbay Minerals Inc. has driven up Rockcliff's share price, increasing Olive's NAV in the month. It is worth noting that on July 31, Olive's share price was trading at a greater-than-25-per-cent discount to the value of its Rockcliff position alone and closed the month at a greater-than-60-per-cent discount to NAV per share. With this valuation gap in mind the company plans to continue with the ongoing normal course issuer bid (NCIB)."

As of July 31, 2023, the company has repurchased 1.3 million shares pursuant to the NCIB. These shares are currently held in treasury pending cancellation.

As of the date of this release Olive Resource Capital has 111,768,709 common shares outstanding.

About Olive Resource Capital Inc. (formerly Norvista Capital Corp.)

Olive is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The company's assets consist primarily of investments in natural resource companies in all stages of development.

We seek Safe Harbor.